Craveworthy Brands to Acquire Mongolian Concepts

By: Craveworthy Brands | 0 Shares 75 Reads

Integrates Brands into Newly-Formed Restaurant Portfolio Company; Focused on Infusing Fresh Operations, Tech, Menu Innovation and Value

April 12, 2023 // Franchising.com // CHICAGO - Craveworthy Brands announced today that it has entered into an agreement to acquire Mongolian Concepts. The deal is expected to close after a short interim period. Mongolian Concepts CEO Gregg Majewski is also CEO and founder of Craveworthy Brands and led the acquisition of the company from its previous owners of Mongolian Concepts.

Through the acquisition, Craveworthy Brands embeds Genghis Grill, BD’s Mongolian Grill and Flat Top Grill into its platform company. Likewise, the three brands and their corporate-owned and franchised locations will be integrated into the Craveworthy Brands ecosystem, eliminating the Mongolian Concepts umbrella. No job eliminations are expected, rather job creation, brand acquisition, concept development and franchise growth is anticipated.

“There’s decades of success infused into Craveworthy Brands and it stems from the talented team we’ve assembled,” said Gregg Majewski, CEO and founder of Craveworthy Brands who served as the most recent CEO of Mongolian Concepts and formerly held the COO, CFO and CEO positions for Jimmy John’s. “This transaction represents a key acquisition and adds restaurant brands with talented team members into our portfolio.”

The deal marks the third major acquisition for Craveworthy since the formation of the company in late-2022. Prior purchases include Wing It On! and The Budlong Hot Chicken. Plus, Craveworthy has incubated two additional brands, Krafted Burger Bar + Tap and the Lucky Cat Poke Company. All are designed around the Craveworthy Brands pillars of providing financial stability needed to scale as brands can take advantage of their equity firm’s operations knowhow, management, infrastructure, human resources, marketing, site selection and purchasing experience.

“We expect a bright future for all three brands with Gregg and his team behind them,” said Manish Patel, co-founder and principal of Dallas-based CMG Companies. “As we exit all three Mongolian Concepts brands, Genghis Grill, BD’s Mongolian Grill and Flat Top Grill will all remain as a keypart of our history and legacy.”

To support the formation and expansion of the Craveworthy Brands portfolio, Majewski partnered with the newly-created merchant banking division of FG Financial Group.

Legal counsel to Mongolian Concepts in the transaction was Wiggin and Dana LLP. Craveworthy was represented in the deal by Momkus LLP.

SOURCE Craveworthy

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